CRM software is being progressively used across various industries as an indispensable tool for customer engagement. As a greater number of organizations are adopting a customer-centric approach, CRM software is gaining grounds. Market Research Future (MRFR's) latest exhaustive report on the global CRM software market covers the various pertinent factors that can impact the market growth over the forecast period of 2017-2023. After thorough analysis, MRFR has projected a valuation of USD 35 Bn in the market at a CAGR of 6% over the forecast period.
CRM provides functionalities to enterprises for segments such as customer service, sales, marketing, and digital commerce. By handling functions such as maintaining client-business relationships, sensitive data storage, customer data handling, it helps streamline business processes. The CRM software market is estimated to grow leaps and bounds due to the upward trend of incorporation of new technologies within businesses. The finance and banking sector are among the frontrunners in the adoption of CRM software.
SMEs have impacted the market growth on a positive note. The trend of automation among SMEs to expedite workflows and increasing funding on SMEs has been a key to the growth of the market. The rise in the number of internet users and the increasing popularity of social CRM and mobile CRM are also likely to fuel the growth of the market. As a part of their growth strategy, various technology giants are engaging in M&A activities, which is also bound to accelerate the progress of the CRM software market.
The global CRM software market has been segmented based on organization size, deployment, application, and vertical.
By organization size, the CRM software market has been segmented into SMEs and large enterprises.
By organization size, the CRM software market has been segmented into cloud and on-premise.
Application-wise, the CRM software market has been segmented into sales, social networking, manufacturing, customer service, marketing, supply chain, distribution, and others.
By vertical, the CRM software market has been segmented into IT & telecommunication, BFSI, manufacturing, media & entertainment, healthcare, energy & utilities, and others.
Region-wise, the COVID-19 analysis of CRM software market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America market is likely to lead the global CRM software market over the forecast period. Deep penetration of cloud services across various industries and the presence of well-established infrastructure, which allows incorporation of new technologies makes North America's lead well-deserved. The region also has a cluster of key market players who are involved in rigorous growth strategies which leads to the expansion of the market.
The APAC CRM software market is likely to be the fastest-growing market over the forecast period. Rapid industrialization and high investment in the industrial sector are likely to provide an impetus to the growth of the market.
The Europe region is extensively reaping the benefits of big data analytics to gain an understanding of customer behavior, which is anticipated to favor market growth. Moreover, the enactment of supportive policies such as the General Data Protection Regulation (GDPR) is estimated to push the market forward.
ZOHO Corporation (India), Infor Global Solutions, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), NICE Ltd. (Israel), Verint Systems Inc. (U.S.), Microsoft Corporation (U.S.), Huawei Technologies Co. Ltd (China), SAP AG (Germany), SAS Institute Inc. (U.S.), IMS Health (U.S.), Infusionsoft (U.S.), Salesforce.com (U.S.), Convergys Corporation (U.S.), Adobe Systems Inc. (U.S.), NetSuite Inc. (U.S.), SugarCRM (U.S.), Amdocs (U.S.), SYNNEX Corporation (U.S.), and The Sage Group Plc (U.K) are the notable players in the global CRM software market.
June 2019 - Artesian Solutions, a provider and developer of web-based market intelligence and sales surveillance software solution for businesses, launched a new CRM service, Artesian Risk and Compliance Hub (ARCH), for financial companies. ARCH enables relationship managers, underwriters within banks, financially regulated industries, and insurance companies to better understand and assess their corporate clients.